Pan African upbeat on drilling results from Wa Gold Project

LONDON (AFX) - Pan African Resources PLC provided an upbeat assessment on drilling results at the Wa Gold Project in Ghana.

The company is undertaking a 6,000 metre drilling programme at the project, which is designed to further test the known gold mineralization of the Julie Prospect, and has so far drilled 1,709 metres.

"These results confirm the attractiveness of our prospects in Ghana where we have seen some significant intersections of high grade mineralization" said managing director Roger Craddock.

The current drill programme will also further test the potential of the highly prospective Collette Prospect, it said.

"Our next step will be to process results from Mozambique and further results from Ghana before we are able to better determine the increase in our assets but I am most encouraged by what we have seen so far," said Craddock.

The company's targets in Ghana and Mozambique could each produce a resource in excess of 1 mln ounces of gold, the company said.

Pan African said it is also looking at the acquisition of a number of new gold projects.